))
The Impact of Rising Interest Rates in Our Phoenix Market
Manage episode 170082045 series 1338395
Nate Martinez에서 제공하는 콘텐츠입니다. 에피소드, 그래픽, 팟캐스트 설명을 포함한 모든 팟캐스트 콘텐츠는 Nate Martinez 또는 해당 팟캐스트 플랫폼 파트너가 직접 업로드하고 제공합니다. 누군가가 귀하의 허락 없이 귀하의 저작물을 사용하고 있다고 생각되는 경우 여기에 설명된 절차를 따르실 수 있습니다 https://ko.player.fm/legal.
Interest rates are predicted to rise this year, so today I want to illustrate what impact that has on you as a buyer.
Looking to buy a home? Search All Homes
Looking to sell a home? Get a FREE Home Value Report
What’s happening with rising interest rates in our current market?
In November, they were holding steady at 3.8%. That means if you borrowed $200,000 at that time, your monthly payment would have been roughly $931.
As we move into the first quarter of 2017, prices have gone up. Interest rates have gone up as well. Hypothetically speaking, if the price goes up $10,000 on that $200,000 house and interest rates rise from 3.8% to 4.8%, your monthly payment would increase to $1,105. That’s $175 more you would have to pay each month.
The Federal Reserve tells us that we will probably see additional increases in rates this year, so the sooner you can jump into the market and buy a house, the better off you will be. This is because your purchasing power as a buyer diminishes as rates rise.
The sooner you can buy a house, the better.
For example, at a 3.75% interest rate, your monthly payment for a $300,000 house would be $1,389. If that rate rises a quarter of a point, the amount you could qualify for drops by 2.5% to $292,500, and your monthly payment would increase to $1,396. If the rate rises a full percentage point, the amount you could qualify for drops by 10% to $270,000, and your monthly payment would increase to $1,408.
After a certain point, we should see a leveling off of the increase in home prices we’ve been experiencing here in the Phoenix area.
If you’re in the market to buy or sell a home, please feel free to reach out to me by phone or email. I’d be happy to help!
15 에피소드
공유
